Case 1: Notes The Holtby Company purchased equipment from the Fleury Company in exchange for a $6,000 notes payable on September 1, 20x1. The note is to paid in 90 days with an interest rate of 10%. Assume a 360-day year. REQUIRED: a) Record the journal entry on September 1, 20x1. b) Record the journal entry at the time of payment (assume the note is paid in full on the appropriate date). Case 2: Payroll The payroll journal for the ABC Company on June 30th shows the following: Gross Federal State Health Union Net Wages Inc. Tax FICA Inc. Tax Insurance Dues Pay A $ 400 $ 112 $ 25 $ 19 $ 9 $ 10 $ 225 B $ 375 $ 105 $ 23 $ 18 $ 8 $ 10 $ 211 C $ 360 $ 100 $ 22 $ 17 $ 0 $ 0 $ 221 D $ 410 $ 116 $ 26 $ 20 $ 12 $ 12 $ 224 OTHER INFORMATION a) Assume that the FUTA rate is 5.8%, that its SUTA rate is 4.8% and that the full state rate can be used as a credit against the federal rate. b) Assume that all wages are subject to federal and state unemployment taxes and that all wages are subject to FIC taxes. Round to the nearest dollar (do not include cents). REQUIRED: a) Calculate the employer and employee liabilities. b) Prepare the appropriate journal entries